Credit default swaps

Editor's letter

The credit-default-swap rate offers benefits that a credit rating does not, which is a perspective from the people who have to buy and sell the paper. Sometimes a solution to a problem comes along that is so simple it defies all the thought and toil that…

The transparency tide

The issue of counterparty risk and how best to convey it to retail investors dominated the agenda at the Structured Products Europe conference. Delegates explored ways of identifying and mitigating risk, while the rise in structured funds and regulation…

Struck off

Credit default swaps (CDSs) offer protection against issuer default, and in general the protection is paid via a running spread rather than upfront. When the par spread changes, the contract cannot be unwound without leaving a default-contingent annuity…

Rocked by counterparty risk

The demise of Lehman Brothers has triggered fresh concerns about counterparty risk, creating a wave of novations and forcing dealers to think harder about the possibility of another major derivatives counterparty defaulting. Mark Pengelly reports

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